William Blair restated their buy rating on shares of Cogent Communications (NASDAQ:CCOI) in a report released on Wednesday morning.
CCOI has been the subject of several other research reports. Zacks Investment Research cut shares of Cogent Communications from a buy rating to a hold rating in a research note on Tuesday, January 16th. BidaskClub cut shares of Cogent Communications from a buy rating to a hold rating in a research note on Friday, December 22nd. ValuEngine cut shares of Cogent Communications from a hold rating to a sell rating in a research report on Monday, March 19th. Finally, Guggenheim began coverage on shares of Cogent Communications in a research report on Tuesday, March 13th. They issued a neutral rating and a $45.00 target price for the company. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $44.20.
Shares of Cogent Communications stock opened at $44.20 on Wednesday. Cogent Communications has a twelve month low of $35.75 and a twelve month high of $54.85. The company has a quick ratio of 4.11, a current ratio of 4.11 and a debt-to-equity ratio of -6.93. The stock has a market capitalization of $2,101.00, a price-to-earnings ratio of 116.32, a price-to-earnings-growth ratio of 6.08 and a beta of 0.50.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.01). Cogent Communications had a negative return on equity of 21.64% and a net margin of 1.21%. The business had revenue of $125.20 million during the quarter, compared to analyst estimates of $126.27 million. During the same quarter last year, the firm earned $0.09 EPS. Cogent Communications’s revenue for the quarter was up 8.3% compared to the same quarter last year. equities research analysts expect that Cogent Communications will post 0.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 26th. Stockholders of record on Friday, March 9th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, March 8th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a dividend yield of 4.52%. Cogent Communications’s payout ratio is presently 526.32%.
In related news, VP Robert N. Beury, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $43.17, for a total transaction of $129,510.00. Following the completion of the transaction, the vice president now directly owns 45,652 shares in the company, valued at approximately $1,970,796.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $45.17, for a total transaction of $271,020.00. Following the transaction, the chief financial officer now owns 81,050 shares of the company’s stock, valued at $3,661,028.50. The disclosure for this sale can be found here. Insiders sold a total of 14,000 shares of company stock valued at $617,633 over the last 90 days. Corporate insiders own 9.48% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CCOI. Sei Investments Co. increased its position in Cogent Communications by 42.4% during the 3rd quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock worth $203,000 after purchasing an additional 1,240 shares in the last quarter. New York State Common Retirement Fund increased its position in Cogent Communications by 9.8% during the 3rd quarter. New York State Common Retirement Fund now owns 48,846 shares of the technology company’s stock worth $2,389,000 after purchasing an additional 4,346 shares in the last quarter. Russell Investments Group Ltd. increased its position in Cogent Communications by 57.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 176,265 shares of the technology company’s stock worth $8,619,000 after purchasing an additional 64,167 shares in the last quarter. Ameriprise Financial Inc. increased its position in Cogent Communications by 3.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 278,575 shares of the technology company’s stock worth $13,622,000 after purchasing an additional 9,423 shares in the last quarter. Finally, American International Group Inc. increased its position in Cogent Communications by 5.9% during the 3rd quarter. American International Group Inc. now owns 32,923 shares of the technology company’s stock worth $1,610,000 after purchasing an additional 1,844 shares in the last quarter. Institutional investors and hedge funds own 95.65% of the company’s stock.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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